The next step in determining eligibility for the VA Special Monthly Pension is the assets held by the veteran. If the veteran has too much in the way of assets, it can be difficult to qualify. There are two categories of assets, countable and non-countable.
The assets inside the home, as well as the home itself, are typically non-countable. For example, the value of the home, furnishings, and other household contents are exempt. There is the possibility that high value art or collectibles could count, and your elder law attorney can help you determine what is included in “household contents” versus “assets.”
The countable assets include things like cash, checking accounts, savings accounts, investment properties, extra vehicles, CDs, IRAs, stocks and bonds. The limit on the amount of countable assets is a bit vague, as the VA does not provide an exact dollar amount. Instead, they leave it up to the person reviewing the claim. This person will consider life expectancy, assets and the needs of the veteran.
